The judgment has renewed attention on the role Consumer Commissions can play in awarding compensation where banks fail to exercise due diligence, prompting legal experts to urge victims to explore this avenue alongside criminal proceedings.

Every day, thousands of cyber fraud victims file police complaints hoping to recover their money. While criminal investigations are essential to punish fraudsters, they do not always ensure that victims get their money back. Legal experts say there is another remedy that remains underused – approaching the Consumer Commission, especially in cases where a bank or service provider failed in its duty of care.

Cyber law expert Advocate Mahendra Limaye, who has represented several cyber fraud victims, told indianexpress.com that the Consumer Protection Act can offer compensation when there is a “deficiency in service” on the part of banks or financial institutions.
Criminal case versus compensation

One of the biggest misconceptions among cyber fraud victims is that filing a police complaint alone will recover their losses.

“Every cyber fraud has two aspects,” Limaye explains. “The first is the criminal angle, where the State prosecutes and punishes the offender. The second is the victim’s financial loss. Even if the accused is arrested and convicted, that does not automatically compensate the victim.”
For complete interview visit https://indianexpress.com/article/technology/consumer-commission-cyber-fraud-victims-10812194/

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